Cloud services, models and search / GOOGL

Alphabet: following the AI money.

Financial evidence, stock performance and the questions that connect this company to the physical AI buildout.

Reviewed October 6, 2026Nasdaq · GOOGLYahoo Finance ↗

Business scale

$402.84B

Total annual company revenue · year ended 2025-12-31. This is company-wide revenue.

Annual financial evidence ↗ · Compare the revenue ranking
Company announcement / 2026-07-22

Latest sourced financial update

Alphabet reported second-quarter 2026 revenue of $119.8 billion, up 24%. Google Cloud revenue reached $24.8 billion, up 82%. The cloud segment combines AI infrastructure, enterprise AI solutions and other cloud services.

Read the primary announcement ↗

Selected dated update; this editorial snapshot does not refresh automatically.

What we can say about AI revenue

No comparable annual AI-only revenue figure is separately sourced for this company in our current edition. Company revenue, segment revenue, spending and order commitments should not be used as substitutes.

See the 100-company disclosure tracker →

Investor questions / editorial analysis

What to watch

Can cloud AI demand and AI-assisted search generate incremental earnings after infrastructure costs? Watch cloud operating performance, spending and changes in search monetization rather than treating all cloud sales as AI sales.

These are research questions, not a valuation conclusion or a recommendation to buy or sell.

Projects in our coverage

These profiles mention the company. A mention does not establish a supplier contract or project-specific revenue.

Documented project exposure

Follow the project evidence.

These profiles contain a named role or connection. A relationship does not establish booked revenue, ownership of every project layer or an attractive valuation. Site-attributable financial materiality remains a separate diligence question.

Compare evidence and financial gaps →

India AI infrastructure

Google Visakhapatnam AI hub → · Planned gigawatt-scale development; site works reported underway, legal conditions unresolved.

Pryor / Mayes County: operating-status evidence

October 14 scoped review: Google explicitly lists Pryor as operating. This does not establish campus-level cloud revenue, AI workload mix or delivered IT MW.

Read the readiness evidence →

Google Midlothian · operating-status evidence

Scoped readiness review October 14, 2026: existing-campus operation supported; no project earnings or current IT MW certified.

Read the evidence →

Google Midlothian · deeper operating evidence

Current IT MW unknown; Q2 2026 PUE 1.12 quarterly / 1.11 TTM; Building 5 registered at 288,000 sq ft with February 2027 filed target. These source-specific quantities are not project earnings or certified current IT load.

Capacity and expansion review →
Power procurement · reviewed October 14, 2026

Google’s Cheyenne fuel-cell power agreement

AEP’s October 14 disclosure identifies Google as the buyer under a 20-year power purchase agreement for a proposed 702 MW generation facility near Cheyenne. AEP describes approximately $4 billion of investment, a 2026 construction-start target and full operation by the end of 2028. These are attributed plans: generation capacity is not Google’s operating IT load or evidence of delivered computing.

Google’s documented role is power buyer; AEP controls the generating entity and Bloom supplies the technology. The reviewed evidence does not establish project electricity prices, current output, utilization or Alphabet earnings attributable to the site.

Read the reporting and four-document source audit → · AEP’s October 14 disclosure →

This is a scoped contract update. Existing financial snapshots and their review dates are unchanged.

Google Canelones Data Center / Proyecto Teros

Google sponsors the Canelones / Teros digital and AI-supporting campus; Eleanor Applications is the environmental applicant. No site-level Google Cloud revenue, hardware contract, utilization or return is established.

Our analysis: dated construction evidence strengthens the delivery case, while operating authorization and module acceptance remain distinct gates. Annual electricity estimates and announced investment do not establish productive IT capacity, paid capex or site returns.

Project record · FJI evidence · South America Spotlight

Google Hamina / Summa campus

Google operates Hamina; Alphabet is its public parent. The newly acquired land is potential expansion, not accepted incremental compute.

Our analysis: an operating campus and prospective expansion can coexist. Tracking the incremental buildings prevents country-level investment commitments from being mistaken for site delivery.

Project research · FJI evidence

Google Skien / Gromstul campus

Google sponsors the Gromstul campus. ZAUNERGROUP reports a fit-out award; no contract value or site supplier revenue is established.

Our analysis: allocated power and a fit-out contract are useful progress checkpoints. A 2026 operating target still needs a dated commissioning or service-start actual.

Project research · FJI evidence

Google Winschoten / Hoogebrug campus

Google identifies Winschoten as its Dutch cloud/AI-supporting site. The provincial notice names Green Box Computing B.V. at Hoogebrug III; this is a location/permit match, not a reviewed corporate ownership chain.

Our analysis: an opening establishes a stronger milestone than construction, but does not quantify current AI utilisation. Later cable planning must be tracked by its own scope.

Project research · FJI evidence

Documented project connections

Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.

Google The Dalles

Project / facility operator identified in project-specific source; ownership economics and tenant contracts not certified

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

datacenters.google ↗

Google Lincoln

developer/operator

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

datacenters.google ↗

Google Mesa

developer/operator

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

www.datacenters.google ↗

Google Cloud Querétaro

Cloud region operator

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

blog.google ↗

Google Pine Island

Google announced the Pine Island data center and an arrangement under which Google pays costs associated with its electric service; legal site ownership, project-specific capital allocation, and site earnings are not disclosed.

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

blog.google ↗ · mn.gov ↗

Google Pryor / Mayes County

Google / Alphabet is the owner-user operator; current Google location page explicitly identifies the operating Pryor campus. No campus revenue or earnings allocation.

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

datacenters.google ↗ · oklahoma.gov ↗

Google West Memphis

Named owner-user/developer in project disclosure

The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.

blog.google ↗